English, Article, Journal or magazine article edition: Pure Profit Rates and Tobin's q in Nine OECD Countries James H. Chan-Lee

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Pure Profit Rates and Tobin's q in Nine OECD Countries
Author
  • James H. Chan-Lee
Physical Description
  • preprint
Notes
  • This paper extends a previous study of profit trends to consider valuation ratios (Tobin's q) in nine countries. Tobin's q embodies market expectations and is an indicator of expected pure profit rates on the existing capital stock. Since 1982, equity markets have recovered substantially. By end-1985, values of Tobin's q were close to their 1974 levels and close to the symbolic figure of unity. The theoretical and conceptual relevance of q is considered, as well as data and measurement limitations. Real debt and equity costs of finance are considered in the light of buoyant stock markets. The implications of the strong recent recovery in q for investment are also noted ... Prolongeant l'étude sur l'évolution des profits, ce document analyse les rapports d'évaluation (q de Tobin) dans neuf pays. Le q de Tobin traduit les anticipations de rentabilité du marché et est un indicateur des taux de profit pur anticipés sur le stock de capital existant. Depuis 1982, les marchés boursiers se sont sensiblement redressés. En 1985, les valeurs du q de Tobin retrouvaient presque leur niveau de 1974 et approchaient la valeur symbolique de l'unité. On s'interroge sur la pertinence théorique et conceptuel de q ainsi que sur les limites imposées par les données et les systèmes de mesure. La dette réelle et les coûts de financement des fonds propres sont analysés à la lumière d'un marché boursier en pleine ébullition. Sont aussi mises en évidence les implications sur l'investissement de l'important redressement des valeurs de q constaté récemment ...
  • RePEc:oec:ecoaaa:34-en
Language
  • English
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